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Please advise

Loans for commercial and residential property acquisitions surged during the month of March. The data released by the Monetary Authority of Macau (AMCM) last week, published in Business Daily today, says a lot about the awakening of the real estate market, but not much about who is making it rise again. In general, we know […]

Loans for commercial and residential property acquisitions surged during the month of March. The data released by the Monetary Authority of Macau (AMCM) last week, published in Business Daily today, says a lot about the awakening of the real estate market, but not much about who is making it rise again.
In general, we know the large majority of credit is being granted to people with resident status, and that they are buying both commercial spaces and residential units.
Complementary information on such data would, however, be much needed in order to assess the overall picture of real estate in Macau, but AMCM has been elliptical toward further enquiries. The option remaining would be to patchwork different bits of data, covering the number of units transacted, the total amount of loans, and the aggregate value of property sales.
But the picture would still be incomplete in what regards the agents of acquisition, namely, buyers who either do not resort to loans from local banks, or who have the financial capacity to acquire property in the city without having to reach out to loans at all, both residents and non-residents.
We know by reading the data that non-residents represent a low percentage of the buyers with access to credit to purchase real estate – below 10 per cent in March 2017 – but we have also witnessed several moments since the liberalization when real estate agents and buyers, mainly from Hong Kong and Mainland China, have sent the local real estate market skyrocketing, especially when property acquisition was a cheap ticket to residency back a few years ago.
In addition to the question of who are the agents involved in housing and commercial property transactions, there is the matter of location and the general conditions of the properties being bought. Where are the billions being poured into property acquisition materializing on the map and in what types of property – mansions, social housing, small shops, office spaces?
Early this year, Fai Chi Kei had one of the most expensive prices per square metre on the Macau peninsula. The development of new condos increasing in the area, gentrification is on the way in a neighbourhood off the luxury property map until recently – a bit similar to what happened in the north of Areia Preta, with projects such as Residence and Villa de Mer. Where are buyers investing their money and speculating?
Government, please advise.

OPINION

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